The ADP Employment Report shows the economy added 99,000 jobs in August. That is a considerable slowdown.Importantly, a breakdown of jobs by firm size shows small businesses have shed jobs for four months.ADP Total Change in Employment Month-Over-Month
It’s important to note that employment is often positive at the start of recessions. Jobs are a lagging indicator.ADP Change in Employment by Employer Size Year-Over-Year
Year-over-year jobs at companies sized 20-49 is down by 71,000.ADP Total Change in Employment Year-Over-Year
Total employment year-over-year is sinking fast, led by small businesses.Total Employment by Business Size
Small businesses (49 and less) are far more important than large businesses.More By This Author:ISM Services Index Up Slightly But Employment Weakens To Nearly FlatFed Beige Book Shows Flat Or Declining Economy In 9 Of 12 Fed Districts Odds Of A Half-Point Interest Rate Cut By The Fed Rise To 44 Percent
